FX.co ★ Elliott wave analysis of EUR/JPY for October 21, 2014

Today's support and resistance levels:

R3: 137.27

R2: 137.00

R1: 136.78

Current spot: 136.63

S1: 136.47

S2: 136.23

S3: 136.00

Technical summary:

Nothing has really changed here. Even the current spot is exactly the same as yesterday. We are still looking for a final rally higher to 137.67 to end wave b and set the stage for wave c lower towards the 130.59 - 131.52 area. The correction from 145.69 has turned into a complex double zig-zag correction and we are currently in the middle of the second zig-zag correction.

Trading recommendation:

We will sell EUR at 137.67 with stop placed at 138.67.